July 10, 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, is transferring European retail renewal rights from Ironshore Europe to Liberty Specialty Markets.
Liberty Specialty Markets and Ironshore are part of Liberty Mutual’s global risk solutions division, writing speciality insurance and reinsurance business.
In May 2017, Liberty completed the acquisition of Ironshore from Chinese conglomerate Fosun International.
The reshuffle in Europe will see Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices offered for renewal by Liberty Specialty Markets.
Ironshore will terminate underwriting new business from these three cities but retain staff to handle the run-off of existing policies with some of the underwriters moving to Liberty Specialty Markets’ European operation on 1 August.
The main lines being transferred are; contingency, construction, fine art and specie, liability, marine and personal accident.
Liberty Specialty Markets’ head of Europe, Kadidja Sinz commented: “This is an excellent opportunity to combine our talents and capitalise fully on the strength of Liberty Speciality Markets and is a further step in our overall strategy to be a leading specialist insurer in Europe.”